Chelsea have won the race to sign 15-year-old Billy Gilmour from Rangers in a deal reported to be worth £500,000.

Bayern Munich and Premier League duo Manchester United and Manchester City were reportedly interested in the highly-rated youngster but Chelsea beat them to the signing of the 15-year-old.

Gilmour is yet to make a first-team appearance for Rangers and will go into the Chelsea academy at Cobham.

The move will officially go through in the summer, with Gilmour turning 16 in June.

Below is a statement released by Rangers about the transfer:

“Rangers can confirm that agreement has been reached for our under-16 player Billy Gilmour to join Chelsea in the summer.

“The club’s preference would have been for Billy to stay at Rangers but when he made clear his desire to move to the Premier League it was important that we maximised the commercial value for him. We believe we have done this.

“The agreement will provide Rangers with a significant sum for a young player who has yet to play first-team football, and further significant amounts could be due based on milestones being reached. We are pleased with this outcome and believe this deal represents good value for Rangers.

“That he was sought after by many Premiership clubs, and indeed a number of the largest clubs in Europe, further demonstrates the quality of player now being produced by the Academy. Everyone at Rangers wishes Billy well for his future.”